Kingsoft Cloud Holdings Limited (NASDAQ:KC) Sees Large Decline in Short Interest

Kingsoft Cloud Holdings Limited (NASDAQ:KC) saw a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 5,880,000 shares, a drop of 13.3% from the October 15th total of 6,780,000 shares. Based on an average trading volume of 2,360,000 shares, the days-to-cover ratio is currently 2.5 days.

Kingsoft Cloud Stock Performance

KC traded down $0.71 during midday trading on Monday, hitting $4.34. 3,113,253 shares of the company traded hands, compared to its average volume of 1,507,485. The company’s 50-day moving average is $3.06 and its 200 day moving average is $2.84. Kingsoft Cloud has a 52 week low of $2.02 and a 52 week high of $5.64. The firm has a market capitalization of $1.10 billion, a PE ratio of -4.15 and a beta of 2.00. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.03.

Kingsoft Cloud (NASDAQ:KC) last posted its earnings results on Tuesday, August 20th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). The company had revenue of $260.32 million during the quarter, compared to the consensus estimate of $251.17 million. Kingsoft Cloud had a negative return on equity of 24.99% and a negative net margin of 25.33%. On average, research analysts expect that Kingsoft Cloud will post -0.69 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of KC. State Street Corp increased its position in Kingsoft Cloud by 0.5% in the third quarter. State Street Corp now owns 609,790 shares of the company’s stock worth $1,793,000 after buying an additional 3,104 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Kingsoft Cloud by 4.0% during the 2nd quarter. Renaissance Technologies LLC now owns 460,400 shares of the company’s stock valued at $1,156,000 after buying an additional 17,700 shares in the last quarter. Jane Street Group LLC increased its position in Kingsoft Cloud by 383.5% in the third quarter. Jane Street Group LLC now owns 322,503 shares of the company’s stock worth $948,000 after purchasing an additional 255,795 shares during the last quarter. Swedbank AB increased its holdings in shares of Kingsoft Cloud by 5.5% in the 2nd quarter. Swedbank AB now owns 225,140 shares of the company’s stock worth $565,000 after buying an additional 11,800 shares during the last quarter. Finally, GSA Capital Partners LLP lifted its stake in shares of Kingsoft Cloud by 90.2% in the 3rd quarter. GSA Capital Partners LLP now owns 172,415 shares of the company’s stock valued at $507,000 after purchasing an additional 81,751 shares during the last quarter. Institutional investors own 13.40% of the company’s stock.

Analysts Set New Price Targets

Separately, Bank of America reduced their price target on Kingsoft Cloud from $3.80 to $3.20 and set a “neutral” rating for the company in a report on Wednesday, August 21st. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.10.

Kingsoft Cloud Company Profile

Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations primarily in China. The company's products portfolio includes cloud products, including infrastructure as a service (IaaS) infrastructure, platform as a service (PaaS) middleware, and software as a service (SaaS) applications that primarily consist of cloud computing, network, database, big data, security, storage, and delivery solutions.